Hyderabad Faces Decline in Housing Prices by 4.6% in Jan-Mar 2011

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As per the data from the National Housing Bank (NHB), the housing prices in Hyderabad declined by 4.6% in January-March 2011 period compared to the previous quarter. However, the prices were increased during this period as compared with the same quarter of 2010. The NHB regulates the housing finance firms. It is involved in tracking the housing prices in the selected 15 cities of the country. ‘NHB Residex’, which includes housing prices index was being released by the NHB since 2008.

From the NHB Residex data of January-March 2011, it was found that the housing prices have fallen by up to 15 percent in eight major cities of the nation. The fall in prices in Hyderabad and other cities including Kochi, Bangalore, Surat, Bhopal and Jaipur was attributed to the slowdown in housing demand. This is because of the high property prices and rising interest rates. It was found that repo and reverse repo rates had been increased for 10 times by the Reserve Bank of India (RBI) since March 2010.

Source: Economic Times

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